Mumbai: Coworking office space provider Bhive Workspace has picked up over 62.000 sq ft across seven offices in Adani Realty’s commercial tower Inspire BKC situated on the edge of Mumbai’s business district Bandra-Kurla Complex (BKC) through a five-year lease.

The company is planning to use the space through two separate agreements to set up managed coworing offices. Bhive’s holding company Tusker Workspace has entered into this lease agreement with Adani subsidiary Sunbourne Developers.

The lease rental has been set at 206 per sq ft a month and the agreement includes a clause to escalate the same by 15% after three years, shows documents accessed through Propstack.

Both the agreements, registered on March 2, stipulate that Tusker Work- space will pay a security deposit equivalent to six months’ licence fees in three tranches. The entire tenure of 5 years will be the lock-in.

The lease tenure will commence from May 2 and as per the agreement, Tusker Workspace will get eight months as licence fee-free period to undertake its fit out work.

The company is expected to pay interest-free refundable fit out de- posit of Rs 50 per sq ft of chargeable area before starting the work.

ET’s email query to Adani Group remained unanswered until the time of going to press. Bhive Work- space could not be reached for a comment.

The firm is planning to use the space through two separate agreements to set up managed coworking offices.